Interest Rates
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Has it occurred to Alan Greenspan or anybody else that raising interest rates to ward off inflation is like increasing calories to ward off obesity?
Every time he and his Fed cronies raise the interest rate they also raise the cost of buying a house or a car and the cost of running a business, small or large.
In eight months, they raised the interest rate from 4.75% to 5.75%; that’s a 21% increase in the cost of borrowing money. And I would suggest that it’s a hefty component of the inflation index.
GEORGE KISEDA
Los Angeles
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